Electric Vehicle Market to Garner $567.3 Billion by 2025: Growth Driver and Trends with Top Key Players Tesla, Nissan Motor Corporation, BMW Group, General Motors, Volkswagen AG
According to the report, the global electric vehicle market accounted for $118.86 billion in 2017 and is projected to garner $567.3 billion by 2025, registering a CAGR of 22.3% during the forecast period.
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The global electric vehicle market is divided into type, vehicle type, and geography. Based on type, the market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. The battery electric vehicle segment is projected to manifest the fastest CAGR of 23.4% during the forecast period, owing to various benefits such as deduction of emission of greenhouse gases, However, the hybrid electric vehicle segment held the largest share in 2017, contributing about 47% of the total market share, as two types of engines help customers switching engines and reap the benefits of both the engines effectively.
On the basis of vehicle type, the market is bifurcated into the passenger car, commercial vehicle, and a two-wheeler. The passenger cars segment dominated the market in terms of revenue, contributing nearly three-fourths of the total market. However, the commercial vehicles segment is expected to manifest the fastest CAGR of 24.5% during the forecast period.
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Based on geography, the market is divided into LAMEA, Asia-Pacific, Europe, and North America. The Asia-Pacific region accounted for the largest share in 2017, contributing about 48.41% of the total market. Moreover, the market in this region is expected to manifest the fastest growth by 2025, owing to increase in volumetric sales of electric vehicles in China and Japan, surge in buying power of consumers in emerging markets such as India, Malaysia, and China, and growth in electric vehicle charging infrastructure throughout the region.
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The major players that are active in the market are profiled in the report. The key market players are Tesla, Nissan Motor Corporation, BMW Group, General Motors, Volkswagen AG, Daimler AG, BYD Company Motors, Energica Motor Company S.P.A., and Ford Motor Company. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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